ASX-listed ICT consulting company, CSG(ASX:CSV), has received a confidential off-market takeover proposal from an unnamed company.
In a statement to the ASX, the company said the proposed price stood at $1.20 cash per share with no adjustment for the final dividend of $0.003 per share to be paid on October 4.
The Board hasn’t formed a view at this stage relating to the proposal and recommends shareholders take no action at this time.
The Darwin-based company engaged with Macquarie Capital as its financial adviser and DLA Piper Australia as its legal adviser. It will make further announcements on the acquisition proposal in due course.
In FY10 CSG posted a solid result despite facing a challenging year with natural disasters in Queensland and New Zealand along with the Fuji Xerox court case having a one-off impact on its results.
Despite this, it managed to increase its group revenue 39.9 per cent to $388.6 million and net profit reached $40.4 million, an increase of 26.2 per cent.
EBITDA increased 18.5 per cent to $70.3 million on the previous year, but adjusted EBITDA totals $69 million, which includes one-off legal fees of $1.8 million and $2.6 million related to business disruption and integration expenses in the Canon acquisition.
CSG was trading at $1.03 at the time of publication.